Dubai: The Dubai index recovered from its early lows on Tuesday helped by buying in real estate companies. Abu Dhabi index, however, ended flat.
The Dubai Financial Market General Index ended 0.73 per cent higher at 4,182.04 in late trade, recovering from a low of 4,111.24.
“Dubai index could have resistance at 4,290 by next week,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Shares of Emaar Malls ended 2.89 per cent higher at Dh3.20, while Gulf Finance House jumped 8.12 per cent to be at Dh0.772. GFH contributed to 27 per cent of the total turnover, and was the most active stock in trade.
GFH may touch a new target of above Dh1 by next month, Al Ashri.
Property majors like Arabtec also rose 0.68 per cent to be at Dh2.97, while DAMAC Properties ended 0.61 per cent higher at Dh3.28.
Dubai Investment may touch resistance level of Dh3.17/3.29 in the next few weeks, Al Ashri said.
Emaar may consolidate in the range of Dh8-8.50. Emaar Properties ended 1 per cent higher at Dh8.12.
Out of a total of 34 companies traded on the exchange, shares of 17 companies rose, while shares of 10 companies fell.
Results eyed
“Investors are waiting for the big results like Emaar Properties and Aldar Properties and also National Bank of Abu Dhabi (NBAD). These results would drive the markets till the end of results season,” said Sanyalaksna Manibhandu, Manager of Research, NBAD Securities.
“No one wanted to trade in the fourth quarter due to volatile crude prices, lower deposits in the country, those concerns are not there, so that’s why we are seeing more trading,” Manibhandu said. Shares worth more than a Dh1 billion were traded on the DFM on Tuesday.
Meanwhile, Abu Dhabi Securities Exchange General Index ended 0.02 per cent lower at 4,673.18.
“Aldar Properties may hit a new target of Dh3.27 by next few weeks, so I recommend to accumulate positions,” Al Ashri said.
Saudi’s Tadawul index
Saudi’s Tadawul All Share Index ended 9,713.07, up 0.02 per cent.
Tadawul may breach the resistance level of 10,000 in the next weeks, Al Ashri said.
Petrochemicals giant Saudi Basic Industries ended at 102.25 Saudi riyals, up 0.45 per cent, while Alinma Bank ended 0.54 per cent higher at 24.35 riyals.
Elsewhere in the Middle East, Qatar Exchange Index ended 0.14 per cent higher at 12,209.54, while Muscat Securities MSM 30 index ended 0.12 per cent lower at 6,323.16.
Kuwait Stock Exchange Index ended 0.06 per cent higher at 6,360.11, while Egypt’s EGX 30 Price index ended 1.92 per cent lower at 8,330.52.
